The Ethereum price (ETH/USD) has seen a significant pullback on Monday after hitting a three-week high in the early hours of the session.
The second-largest cryptocurrency on the seemed to have established a secure position above $500 after a strong Sunday session, in which it surged from an opening price of $502.88 to close at an intraday high of $531.70. The digital coin edged even higher in the opening hours of today’s trading, hitting $534.00, its highest level since March 25. However, it has since retreated to lower levels and is now fighting to stay above $500. According to data from cryptocurrency tracker Coinmarketcap, the Ethereum price is currently hovering around $503.
The wider cryptocurrency market has been hit by a similar downtrend in today’s session. Ethereum’s largest rival, Bitcoin (BTC) has lost more than $300 since the start of the day and has returned below the $8,000 mark in the afternoon. The only top 10 digital coin posting gains at the moment is Cardano (ADA). Often referred to as ‘the Ethereum of Japan’, Cardano has received a strong boost from its fresh listing on one of the largest cryptocurrency trading platforms, Huobi Pro. The cryptocurrency has gained more than 10% since Huobi confirmed the listing earlier today and its price is currently hovering around $0.24.
Meanwhile, as of 17:31, the Ethereum price stood at $502.70, down nearly 4% from the same time yesterday. The digital currency’s total market value currently stands at $49.6 billion, which is nearly twice as much as that of the third-largest virtual coin, Ripple (XRP), but significantly less that Bitcoin’s $135-billion market cap. At the same time, Cardano is valued at just over $6.1 billion, which makes it the seventh-largest cryptocurrency.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.